Scott's Camera Shop Started the Year with Total Assets of $90,000

question 41

Multiple Choice

Scott's Camera Shop started the year with total assets of $90,000 and total liabilities of $55,000.During the year,the business earned revenues of $120,000 and incurred expenses of $50,000.Scott made no additional capital contributions during the year,but did make drawings of $70,000. Calculate Scott's profit for the year.

• A)$120,000
• B)$90,000
• C)$70,000
• D)$50,000

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